Daily Current Affairs- 21st August 2016

1. State Bank of India (SBI) will not need fair trade regulator Competition Commission of India (CCI)’s approval for merging 5 associates and Bhartiya Mahila Bank (BMB) with itself, a move that will create a global sized bank with an asset base of Rs. 30 lakh crore.

2. The acquisition is exempt from the approval of CCI under the Competition Act 2002, sources said.

3. As per the amendment to the Competition Act, consolidation in the banking sector space is exempt from the approval of CCI, sources added.

4. Last week, the board of SBI approved scheme of merger of five associate lenders State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and Bharatiya Mahila Bank (BMB) with itself while protecting the interest of the existing staff.

5. The consolidated entity will add Rs. 8 lakh crore (about USD 120 billion) to SBI’s assets and consolidated entity will get catapulted into the top 50 banks globally.

2. Chinese scientists discover XMU-MP-1 molecule to repair organs

1. Chinese scientists have discovered a small molecule (new drug) named XMU-MP-1 that can regenerate tissue. It has potential to eliminate transplants of some organs. It was discovered by team of researchers from Xiamen University and Peking University of China. The findings were published in Science Translational Medicine.

2. The drug, XMU-MP-1 can promote repair and regeneration in the liver, intestines and skin. It was found that it has ability to inhibit the activity of two enzymes MST1 and MST2, the central component of this pathway which normally prevent cells from proliferating. By inhibiting the activity of MST1/2, XMU-MP-1 can promote cell growth in four different mouse models with acute injuries.

3. Myanmar to support China’s OBOR, BCIM initiatives

1. Myanmar has officially announced to support for China’s ambitious One Belt and One Road (OBOR) connectivity initiative along the ancient Silk Road. It was announced in the joint statement released by both countries during official state visit of Myanmar’s State Counsellor Aung San Suu Kyi to China.

2. Myanmar also Bangladesh-China-India-Myanmar (BCIM) economic corridor meant to industrialise a stretch spanning more than 2,000-km. BCIM corridor links Kunming in China with Mandalay in Myanmar and passes through Bangladesh and ends at Kolkata in India. Myanmar also asked for China’s support to realise peace and national reconciliation through political dialogue in case of militancy.

4. Punjab National Bank makes locker visiting facility free

1. In a customer-friendly move, public sector lender Punjab National Bank (PNB) has made locker visiting facility free for its customers. Earlier, the customers were allowed 12 free visits at lockers in an year.

2. Now, the PNB locker holders can make any number of visits in an year without paying any additional cost. The new rule has been put in place since August 1, 2016. “It is a customer-friendly move. The new rule has been put in place so as to encourage customers.

3. PNB used to charge customers Rs. 50 per visit after the limit of 12 free visits in an year. Banks in general charge customers to visit lockers beyond a permitted level in an year. “We are getting a very good and positive response from our customers. Particularly, the women customers are really happy with the free locker visit service,” the bank official said.

4. As per PNB locker operational guidelines, a high risk lessee is required to operate the locker at least once in an year while medium risk lessee at least once in three years. “Non-operation of locker within the stipulated period may lead to breaking open of locker, irrespective of the fact that rent is paid by locker hirer regularly,” PNB said.